Franco‑Nevada posted record revenue of $487.7 million for the third quarter of 2025, up 77% from $275.7 million in Q3 2024 and 32% higher than the $369.4 million reported in Q2 2025. The company sold 138,772 gold‑equivalent ounces, a 26% increase over Q3 2024 and 24% above Q2 2025, driven by higher gold prices and the sale of copper concentrate stockpiles from the Cobre Panama project.
Precious‑metal revenue accounted for 85% of total revenue, with gold contributing 72%, silver 11% and platinum‑group metals 2%. Diversified segment revenue rose to $67.1 million, up 9% from $61.2 million in Q3 2024, reflecting higher natural‑gas prices and the contribution of the Arthur Gold royalty acquired in July 2025.
The company reported adjusted earnings per share of $1.43 and GAAP earnings per share of $1.49, both exceeding the consensus estimate of $1.37. Net income for the quarter was $152.7 million, or $0.79 per share.
Franco‑Nevada raised its 2025 gold‑equivalent ounces outlook to 495,000–525,000 GEOs, and precious‑metal GEOs to 420,000–440,000 GEOs, moving the range toward the higher end based on stronger gold‑price assumptions and the addition of six new gold interests acquired over the past 18 months.
The company remains debt‑free, having returned to a debt‑free balance sheet after drawing on its credit facility to fund the Arthur Gold acquisition. It declared a quarterly dividend of $0.38 per share, payable on December 18 2025 to shareholders of record on December 4 2025.
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